compliance manual - aipma · tds on interest earned on non-resident external (nre) accounts and...

COMPLIANCEMANUAL

A.Y. 2020-21F.Y.2019-20

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CA SAHIL GALACA RUCHI SANGHVICA PANKAJ LUNKERASHUTOSH MEHTA

PREFACE

ACKNOWLEDGEMENT

This compliance book aims at helping and providing practical

solutions and day to day compliance requirements to professionals,

entrepreneurs and all small to large businesses as it has summarized

provisions, charts and important notes with tables which can be

easily understood.

We are thankful to CA SAHIL GALA for his contribution towards

Income Tax.CA RUCHI SANGHVI AND CA PANKAJ LUNKER for

providing in depth knowledge towards areas of GST and

ASHUTOSH MEHTA (Inter CA) for his efforts for contributing

towards the making of compliance book. We are thankful to DIVINE

INFOSERVICES PVT.LTD for design. We hope that our compliance

manual will be useful to our readers and helps them to remain upto

date with latest provisions and compliances. Also we will be glad and

appreciate your views and suggestions and your valuable feedback

for improving this compliance manual with their next editions.

I N D E XPAGE

NO

5 | 15CA/CB PROCEDURE

6 | COMPLIANCE CALENDER

1.1 INCOME TAX RATES ------------- 01

1.2 TDS RATE CHART ------------- 03

1.3 TCS RATE CHART ------------- 04

1.4 CAPITAL GAIN TAX RATES AND CII ------------- 05

1.5 REMUNERATION TO PARTNERS ------------- 08

1.6 PRESUMPTIVE TAXATION ------------- 08

1.7 TAX AUDIT REQUIREMENT ------------- 09

1.8 DEDUCTIONS ------------- 10

1.9 CARRY FORWARD AND SET OFF LOSSES ------------- 11

1.10 PROVISIONS RELATING TO GIFT ------------- 12

1.11 TRANSFER PRICING ------------- 14

1.12 INTEREST AND PENALTY ------------- 15

1.13 RESTRICTION ON CASH TRANSACTIONS ------------- 17

2.1 WHAT IS GST ? 18-------------

2.2 PLACE OF SUPPLY OF GOODS 19-------------

2.3 TIME OF SUPPLY 20-------------

2.4 ITC (Input Tax Credit) 21 -------------

2.5 WHAT IS GSTR-9 22-------------

2.6 SAHAJ & SUGAM 23-------------

2.7 PRESUMPTIVE SCHEME 24-------------

2.8 PENALTY PROVISIONS 25-------------

2.9 GST RETURN FILING DUE DATE 26-------------

3.1 INTRODUCTION 27-------------

4.1 LIST OF IMPORTANT FORMS OF LLP ------------- 29

5.1 15CA/CB PROCEDURE FLOW 30-------------

April-2019 / March-2020 31-42-------------

1 | INCOME TAX

2 | GST (Goods and Services Tax)

3 | COMPANY ACT

4 | LLP (Limited Liability Partnership)

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1.1 | INCOME TAX RATES

[1] Individuals:

[3] Tax Rate for Companies:

[2] Income Tax Rate for Partnership Firm:

Surcharge:

Surcharge:

*Health and Education cess :

*Health and Education cess :

1.1 Individual (resident or non‐resident), who is of the age of less than 60 years on the last day of the relevant previous year:

Net income range

Up to Rs. 2,50,000

Rs. 2,50,000- 5,00,000

Nil

5%

Income-TaxRate*

Rs. 5,00,000 - 10,00,000 20%

Above Rs. 10,00,000 30%

1.2 Resident senior ci�zen , i .e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any �me during the previous year:

Net income range

Up to Rs. 5,00,000 Nil

Income-TaxRate*

Rs. 5,00,000 - 10,00,000 20%

Rs. Above Rs. 10,00,000 30%

1.3 Resident super senior ci�zen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any �me during the previous year:

Particulars

Total turnover or gross receiptsduring the previous year 2017-18

doesn't exceed Rs. 250 Crore25%

TaxRates

Net income range

Up to Rs. 3,00,000

Rs. 3,00,000- 5,00,000

Nil

5%

Income-TaxRate*

Rs. 5,00,000 - 10,00,000 20%

Rs. Above Rs. 10,00,000 30%

10% of income tax where total

income exceeds Rs. 50,00,000.


income exceeds Rs. 1,00,00,000.

A partnership rm (including LLP)

is taxable at 30%*.

12% of tax where total income

exceeds Rs. 1 crore.

4% of income tax and surcharge.


Note: - A resident individual is entitled for rebate

under section 87A if his total income does not exceed

Rs. 5,00,000. The amount of rebate shall be 100% of

income-tax or Rs. 12,500, whichever is less.

Domestic Companies:

Foreign Companies :

Other domestic companies

The tax rate for foreign company is

30%

40%

Income Tax Slab Rate for AY 2020 - 211.1

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Surcharge:

Company

Domestic

Foreign

7%

2%

12%

5%

betweenRs. 1Cr. – 10 Cr.

exceedsRs. 1Cr. – 10 Cr.

Net income

Health and Education cess :


[4] Income Tax Rate for HUF/AOP/BOI/Any other Artificial Juridical Person:

[5] Income Tax Slab Rate for Co-operative Society:

[6] Income Tax Slab Rate for Local Authority:

[7] Advance Tax :

Below advance tax liability is For bothindividual and corporate taxpayers.

For taxpayers who have opted for Presumptive Taxation Scheme Business Income ( Assesse covered u/s 44AD(1) & 44ADA(1) )

thDue Date Advance Tax Payable Before 15 March 2020 100% of advance tax

Due Date Advance Tax Payable ( ForAssesse other than covered u/s 44AD/44ADA)

Net income range

Up to Rs. 2,50,000

Rs. 2,50,000- 5,00,000

Nil

5%

Income-TaxRate

Rs. 5,00,000 - 10,00,000 20%

Above Rs. 10,00,000 30%

Surcharge:



income exceeds Rs. 50,00,000.


income exceeds Rs. 1,00,00,000.


Advance tax is not payable when the tax liability does not exceed Rs 10,000/-. Senior citizen not having any business or professional income is not required to pay

advance tax.

Note : Rebate u/s 87A as discussed above in

case of the resident individual are not available to

AOP BOI & HUF whether resident or not .

Net income range

Up to Rs. 10,000

Income-TaxRate

Rs. 10,000 - 20,000 20%

10%

Above Rs. 20,000 30%

Surcharge:

Surcharge:







A local authority is taxable at 30%.



On or before 15th June 15% of advance tax

On or before 15th Sep. 45% of advance tax

On or before 15th Dec.

On or before 15th March

75% of advance tax

100% of advance tax

1.1 | INCOME TAX RATES

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1.2 | TDS RATE CHART

SectionNature of Payment

Threshold(Rs.) Indv/HUF

TDS Rate (%)

Others

192 Salaries – Base on Slab .

192 A Premature withdrawal from EPF 50,000 10% – .

193 Interest on Securities 10,000 10% 10% .

194 Dividends 2,500 10% 10% .

194A Interest (Banks): For Individual/ those who are 60 years 40,000 / 10 % 10% .

or older, TDS will only be deducted if the interest 50,000

income exceeds Rs.50,000 in a given nancial year.

194A Interest (Others) 5,000 10% 10% .

194B Winning from Lotteries 10,000 30% 30% .

194BB Winning from Horse Race 10,000 30% 30% .

194C Contractor – Single Transaction 30,000 1% 2% .

194C Contractor – During the F.Y. 1,00,000 1% 2% .

(including Transporter with more than 10 carriages)

194C Transporter (44AE) declaration with PAN - - - .

(upto 10 Carriages)

194D Insurance Commission (15G – 15H allowed) 15,000 5% 10% .

194DA Life Insurance Policy 1,00,000 1% 1% .

194E Non-Resident Sportsmen or Sports Association – 20% 20% .

194EE NSS 2,500 10% 10% .

194F Repurchase Units by Mfs – 20% 20% .

194G Commission – Lottery 15,000 5% 5% .

194H Commission / Brokerage 15,000 5% 5% .

194I Rent of Land and Building 2,40,000 10% 10% .

194I Rent of Plant / Machinery / Equipment 2,40,000 2% 2% .

194IA Transfer of certain immovable property other than 50,00,000 1% 1% .

agriculture land

194IB Rent by Individual / HUF (wef 01.06.2017) 50000/PM 5% 0% .

194J Professional Fees / Technical Fees / etc. 30,000 10% 10% .

194J Payment to Call Centre Operator (wef 01.06.2017) 30,000 2% 2% .

194LA Compensation on transfer of certain immovable property 2,50,000 10% 10% .

other than agricultural land

Note 3: In case of non-

resident, surcharge would be

applicable on TDS

TDS RATE CHART1.2

Note 1: Surcharge & HEC is not

deductible on payments made to

residents, other than salary.

Note 2: Note 2: TDS Rate

without PAN-20% Flat

(if TDS Rate is lower than 20%)

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1.2 | TDS RATE CHART

Note 1: Note:-STCG and LTCG along with

applicable surcharge, and Health and Education

Cess will be deducted at the time of redemption of

units in case of NRIs

Note 1: TCS Rates without PAN Double of TCS rates as above or 5%, whichever is higher

Under Sec.195, when an NRI sells a property, the buyer is liable to deduct TDS @ 20% on Long Term Capital Gains. In case the property has been sold before 2 years (reduced from the date of purchase), a TDS of 30% shall be applicable (on Short Term Capital Gains).

Section Nature of PaymentTCS

Rate (%)

206C Scrap 1% .

206C Tendu Leaves 5% .

206C Timber obtained under a forest lease or other mode 2.5% .

206C Any other forest produce not being a timber or tendu leave 2.5% .

206C Alcoholic Liquor for human consumption 1% .

206C Parking Lot, Toll Plaza, Mining and Quarrying 2% .

206C Minerals, being coal or lignite or iron ore 1% .

(applicable from July 1, 2012)1%

206C Sale of motor vehicle of the value exceeding Rs. 10 Lacs (wef 01.06.2016) 1% .

Motor vehicle clause not applicable on Central Government, a State Govt. an

embassy, a High Commission, Legation, Commission, Consulate and the Trade

Representation of a foreign State; Local Authority; a Public Sector Company

which is engaged in the business of carrying passengers (wef 01.04.2017)

TCS Rate Chart for F.Y.2019‐20 (A.Y.2020‐21)

TDS Provision For NRI

TDS on Interest on Non-Resident Ordinary Account (NRO) is of 30% . No TDS on Interest earned on Non-Resident External (NRE) accounts and Foreign Currency Non-Resident (FCNR) accounts.

TDS on Rent House Property or other Rent & Commission / Brokerage or any other Income is 30%

NRI Investments in Shares / Mutual Funds attract TDS and below are the TDS rate applicable on MF redemptions by NRIs for FY 2019-20.

TDS on Dividend is exempted if DDT is paid.

Tax Deducted at Source (TDS) Rates forNRI Mutual Fund Investors for 2019-20

Equity Oriented (MF)

Other than EquityOriented (MF)

STCG LTCG

30% (AssumingInvestor inhighest tax

bracket)

Listed-20%(with Indexation)and Unlisted-10%

(without Indexation)

15% 10%

TCS RATE CHART1.3

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1.4 | CAPITAL GAIN TAX RATES AND CII

1.4 | COST INFLATION INDEX

Sec�on Exemp�onto Sale of Purchase of

1 2001-02 100

2 2002-03 105

3 2003-04 109

4 2004-05 113

5 2005-06 117

6 2006-07 122

7 2007-08 129

8 2008-09 137

9 2009-10 148

Sl.No.

FinancialYear

Cost InflationIndex

Sl.No.

FinancialYear

Cost InflationIndex

10 2010-11 167

11 2011-12 184

12 2012-13 200

13 2013-14 220

14 2014-15 240

15 2015-16 254

16 2016-17 264

17 2017-18 272

18 2018-19 280

Time Periodof Purchase

Quantum ofDeduc�on

Consequencesif new assetssold within

3 years

54 Individual or HUF Only

Residential House (Long Term Capital

Asset 2 years or more)

*Note : If the amount of capital gain doesn’t exceed Rs. 2 crore, ths assess can purchase or construct 2 resident house properties from A.Y. 2020-21. This concession is available only once in life time.

New Residential

House*

If Purchased One year

before or 2 years after

sale date or If Constructed,

Within 3 years

STCG on Sale of New Asset (While Calculating Cost,

Capital Gain exempt earlier will be reduced from

COA

Amt Invested or LTCG which

ever is less

54F Individual or HUF Only

Any LTCA except

Residential house

New Residential House(Only 1 Residential House now allowed and that too in

India due to amendment)

If Purchased One year

before or 2 years after

sale date or If Constructed,

Within 3 years

STCG On Sale of New Asset + LTCG which was exempt earlier also taxable

Capital Gains* Amt

Invested/net Consideration

received. Deduction

cant be more than amount

of capital gains

CAPITAL GAIN AND CII1.4

Summary of Capital Gain Exemp�on

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3 years

54B Individual or HUF Only

Agricultural Land used for 2 years

immediately preceding the

date of transfer for

agriculture by assessee/

parent. (Both Long Term and Short

Term Covered)

Purchase of New

agricultural Land (Urban

or Rural)

Within 2years

Rural Land No STCG

Urban Land STCG on Sale of New Asset (While Calculating Cost,

Capital Gain exempt earlier will be reduced from

COA


ever is less

54D Any industrial

Undertaking(Any factory) Compulsory

Acquired

Land, Building used

for 2 years prior to its

acquisition for business of industrial

undertaking

New Land or Building for industrial purpose

Within 3years from

date of receipt of

compensation

STCG on Sale of New Asset (While

Calculating Cost,Capital Gain exempt earlier will be reduced from

COA


ever is less

54G Any industrial

Undertaking(Any factory) shifting from Urban Area

to Non Urban Ares

Building or Plant

Machinery land used for 2 years

for business of industrial undertaking

New Land or Building,plant or machine

Within 1 year before OR 3 years after



COA


ever is less.(Amt

Invested is Cost of

Assets+ Cost of Shitng)

54GA Any industrial

Undertaking(Any factory) shifting from Urban Area to Special Economic Zone(SEZ)

Building or Plant

Machinery land used for 2 years

for business of industrial undertaking

New Land or Building, plant or machine

Within 1 year before OR 3years after



COA


ever is less.(Amt

Invested is Cost of

Assets+ Cost of Shitng)

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3 years

54EC Any assessee

Any LTCA Specied Bonds of NHAI or

RECL(These bonds have maturity of 5

years or more)

Within 6 months from

date of transfer of

capital assets

On sale of securities or loan

taken on securities within 3 years, LTCG exempt earlier will be

taxable.

Lower of 1. Amt

Invested 2. 50 lacs 3.

Capital Gains (Earlier Max deduction

which could be claimed in 1

year So people used to claim 50 lacs before march and 50 lacs after march, now total 50 lacs could be claimed Max)

limited or limited

company esablished in

year of claiming

exemption Individual or HUF should

holds 50% or more

shares/voting power

AssetsDuration of the Assets Tax Rate

Short Term STCGLong Term LTCG

Immovable Property e.g. House property Less than More than Income Tax 20.8% with 2 year 2 year Slab rate Indexation Movable Property e.g. Gold/Jewellery Less than More than Income Tax 20.8% with . 3 year 3 year Slab rate Indexation Listed Shares* Less than More than 15.75% Exempt . 1 year 1 year Equity Oriented Mutual Funds Less than More than 15.75% Exempt . 1 year 1 year Debt Oriented Mutual Funds Less than More than Income Tax 20.8% with . 3 year 3 year Slab rate Indexation

(Tax rates mentioned above are excluding surcharge @10% on income between Rs 50 lakhs- to Rs1crore & 15% on income above Rs 1 crore)

* Applicable only for the Shares sold through stock exchange in India on which Security transaction tax (STT) has been paid & Capital Gain Upto Rs. 1 Lakh.

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1.5 | REMUNERATION TO PARTNERS

*CALCULATION OF BOOK PROFIT

REMUNERATION TO PARTNERS

Remuneration is allowed only to

working partners.

It is not allowed if tax is paid on

presumptive basis under section

44AD or section 44ADA.

Remuneration should be within the

permissible limits as mentioned

below. Please note that this limit is for

total salary to all partners and not per

partner.

[Not applicable on LLPs, profession

referred u/s 44AA(1), commission/

b rokerage income & agency

business / Plying, Hiring, or Leasing

goods carriage ]

Turnover upto Rs. 2 Crore

Deemed Profit –

Book Profit*

If book prot is negative

Profit as per Profit & Loss a/c –

Book Profits

Remuneration to partners ifdebited to Prot and loss a/c

Brought forward business loss,deduction under section 80Cto 80U if debited to P&L a/c

Income under house property,capital gain, other sources ifcredited to prot and loss a/c

Add :

XXX

XXX

XXX

XXX

XXX

Add :

Less :

If book prot is positive- On rst Rs. 3 lakhof book prot

Rs. 1,50,000

Rs. 1,50,000 or 90% ofbook prot whichever is more

Amount deductible asremuneration under section 40(b)

On the balance of book prot 60% of book prot

Sr.No.

1

2

Rate of Tax

6% of GrossReceipts

8% of GrossReceipts

Conditions

Presumptive Computation Of Profit Of Business Of Resident Individual, Huf & Partnership Firms (only) :-

[1] FOR SMALL BUSINESSES (Section 44 AD) Received by an account

payee cheque or account payee bank draft or use of ECS through a banking channel during the previous year or before the due date specied in sub-section (1) of section 139 in respect of that previous year;

other than those covered in above

PRESUMPTIVE TAXATION

1.5

1.6

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1.7 | TAX AUDIT REQUIREMENT

[Applicable for Professionals engagedin Profession referred to u/s 44AA (1)]

[2] FOR SMALL BUSINESSES (Section 44 ADA)

Sr.No.

1

Rate of Tax

50% of GrossReceipt

Conditions

Gross Receipt should be upto Rs. 50 Lakhs

An Eligible Assessee is allowed to declare prots in excess of the Deemed Prot;

If an Eligible Person wants to declare prot, lower than the Deemed Prot prescribed u/s 44AD or 44ADA, then he is required to get his accounts audited in accordance with Income Tax Act, 1961.

An eligible assessee needs to declare prot u/s 44AD/44ADA for 5 consecutive years , otherwise needs to get accounts audited u/s 44AB irrespective of turnover.

For Partnership Firms declaring their

presumptive prot u/s 44AD or 44ADA, the

Partners Remuneration and Interest are not

allowed to be deducted from the 'Deemed

Prot' derived under the aforesaid sections.

They are presumed to be part of the

expenses.

Exemption from the compliance burden of maintaining books of accounts.

Exempted from advance tax and allowed to pay their entire tax liability before the due date of lling the return or actual date of ling their return whichever is earlier.

Issues related to Presumptive Profit that need Attention

BENEFITS OF PRESUMPTIVE COMPUTATION OF PROFITS

Following categories of taxpayers are required to get tax audit done:

Who is mandatorily subject to tax audit?1.7

Category of person Threshold

Carrying on business (not opting for presumptive taxation scheme)

Total sales, turnover or gross receipts exceedRs 1 crore

Carrying on business (opting presumptive taxation scheme under section 44AD)

Carrying on profession

Declares taxable income below the limits prescribed under the presumptive tax scheme and has income exceeding the basic threshold limit

Gross receipts exceed Rs 50 lakhs

Carrying on the profession eligible for presumptive taxation under Section 44ADA

Carrying on the business and is not eligible to claim presumptive taxation under Section 44AD due to opting for presumptive taxation in one tax year and not opting for presumptive tax for any of the the subsequent 5 consecutive years

Claims prots or gains lower than the prescribed limit under presumptive taxation scheme and income exceeds maximum amount not chargeable to tax

If income exceeds maximum amount not chargeable to tax in the subsequent 5 consecutive tax years from the tax year where presumptive taxation is not opted for

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1.8 | DEDUCTION

DEDUCTION

Home loan interest

NPS

LIC / PPF / KVP / EPF / SSY / NSC / HOME LOAN PRINCIPAL / SCHOOL FEES/ ELSS/STAMP DUTY

24

80C

80CCD(1B)

2,00,000

1,50,000

50,000

Exp of disabled dependent80DD 75,000 / 1,25,000

own Physical Disability80U 75,000,/1,25,000

80TTA Interest on Savings Account. Only available to Persons other than Senior citizen / Very senior citizen

10,000

80TTB Interest on Savings Account. and Interest on deposits with Post Offices, Banks, Co-operative bank. Only available to senior citizen & Very senior Citizen available to Persons other than Senior citizen / Very senior citizen

50,000

80G Donation ( Only if paid by cheque/ Bank Mode ) available to any tax payer.

100% or 50% of Donation or 10% adjusted Gross

Total Income W.E.IS Lower

80GG deduction for the rent paid (Available to all Individuals except to those who gets HRA from Employment). Eligibility will be least amount of the following :-

1) Rent paid minus 10 percent the adjusted total income.

2) Rs 5,000 per month

3) 25 percent of the adjusted total income

80D

80D

80E

80GGB/80GGC

80TTA

Mediclaim For self, spouse and dependent children ( Only if paid by cheque/ Bank Mode )

Up to Rs. 25,000 [ Rs. 50,000 if specified person is a senior citizen or very senior citizen

25,000/50,000

25,000/50,000

Entire Interest Paid. For Max 8 Years

Indian Companies any person other than Local Authority &

Artificial Judicial Firm

Individual/HUF(Other than Senior Citizen)

Section Max. DeductionParticulars

Mediclaim For Parents( Only if paid by cheque/ Bank Mode )

Upto Rs. 25,000 shall be allowed [Rs. 50,000 if parent is a Senior citizen / Very Senior Citizen

Interest on loan taken for Higher Education

Contribution given to political parties(other than cash)

Interest on Deposite in Saving Account upto 10,000

1.8

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1.5 | CARRY FORWARD AND SET OFF LOSSES

Sr.No.

1.

5.

House property loss

Loss from theactivity of owing and

maintaining racehorses

Any income*#

Income from theactivity ofowing and

maintainingrace horses

Income under thehead“Income fromhouse property”

Income from theactivity of owingand maintaining

race horses

8 Years

4 Years

No

Yes

Type of loss to becarried forward to

next year(s)

Profits Againstwhich loss canbe set off in the

same year

Profit Againstwhich carried

forward loss can beset off in next year(s)

For howmany yearsloss can be

carried forward

Is it necessaryto submitreturn of

loss in time

2. Speculations loss SpeculationProfits

Speculation profits 4 Years Yes

(a)Unabsorbed depreciation,

capital expenditure onscientific research and

family planning

Any income*Any income, Not

being salaryincome*

No timelimit

No

(b)

(c)

Loss from a specifiedbusiness undersection 35AD

Other remainingbusiness loss

Income from aspecified businessunder section 35AD

Any income, Notbeing salary income*

Income from aspecified businessunder section 35AD

Any business profit(whether fromspeculation or

otherwise)

No timelimit

8 Years

Yes

Yes

3. Non- Speculations business loss

(a)Short-termcapital loss

Long-termcapital loss

Short or long termcapital gain

Any income underthe head of

“Capital gains”8 Years Yes

(b)Long term

capital gainLong term

capital gains 8 Years Yes

4. Capital loss

*Loss cannot be set off against winnings from lotteries, crossword puzzles, races including horse races, card games or any other games or from gambling or betting of any form.

# From A.Y. 2018-19 , it provides that set off of loss under the head “ Income from House Property “ against any other head of income shall be restricted to Rs. 2 lakh for any assessment year

Loss from a source can be set off only if its prot is taxable. If prots from a source are exempt then its loss cannot be set off.

CARRY FORWARD AND SET OFF LOSSES1.9

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1.10 | WHAT IS GIFT TAX IN INDIA

Is gift money taxable in India?

How much money can be givento a family member as a gift ?Gift tax India – Blood Relative andFamily Exemptions

The 5 categories of gift money that attracts tax.

The following 5 categories of gift will attract tax in India as per the current tax laws.

(a) Spouse of the individual(b) Brother or sister of the individual(c) Brother or sister of the spouse of the

individual(d) Brother or sister of either of the parents of

the individual(e) Any lineal ascendant or descendant of the

individual(f) Any lineal ascendant or descendant of the

spouse of the individual(g) Spouse of the person referred to in

clauses (b) to (f)

[1] Any amount of money (in cash, cheque or draft)

[1] Any amount / property received from a relative

[2] Gift Tax on Immovable property in India without consideration

[3] Immovable property for a consideration which is less than the stamp value

[4] Gift Tax on Movable property in India without consideration

[5] Movable property for a consideration which is less than the fair market valueIf the total amount of money received by an

individual from one or more persons during a previous year exceeds Rs. 50,000/-, the whole of such amount will be chargeable to tax. If you receive Rs. 40,000 as gift from anybody, there is no tax liability, but if you receive another Rs. 20,000 in the same year, you have to pay tax on the entire Rs. 60,000, because you have exceeded the limit of Rs. 50,000.

Now this Rs. 60000 will be added to your total income and taxed according to your tax slab. Suppose you are in 20% of tax slab and by adding Rs. 60000 you come in 30% tax slab, you would be taxed accordingly.

If any immovable property (without any consideration) is received, the stamp duty value of which exceeds Rs. 50,000/-, then the stamp duty value will be chargeable to tax in each such transaction.

If any immovable property is received for a consideration which is less than the stamp value (stamp duty value exceeds 105% of consideration) of the property by an amount exceeding Rs. 50,000/-, then the difference between stamp duty value and consideration is chargeable to tax in every such transaction.

If aggregate fair market value of movable properties such as shares and securities, jewel lery, archaeological col lect ions, drawings, paintings or any work of art received without consideration during a previous year exceeds Rs. 50,000/-, the whole of aggregate fair market value of movable properties will be chargeable to tax.

If movable property such as shares and secur i t ies , jewe l le ry, a rchaeo log ica l collections, drawings, paintings or any work of art is received for a consideration which is less than the aggregate fair market value of the property by an amount exceeding Rs. 50,000/-, then the difference between aggregate fair market value and consideration is chargeable to gift tax.

Yes, you can receive any amount as gift from your relative without any tax liability. Income tax on gift received from parents is tax exempt. Can husband give gift to his wife? The following are the relatives considered for this exemption:

Gift Tax Rate in India 2018-19

1.10 What is Gift tax in India?

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[2] Any amount / property received from a relative

[3] Money/property received by way of a Will or inheritance

The gifts received by bride and the groom from relatives, friends or anybody on the occasion of their marriage are free from any tax liability. The gift is exempt on the occasion of marriage and not on the day of marriage, hence gift received on tilak, tika and similar religious function prior to marriage day will also be exempt from tax.

Any amount or property received by way of a Will or inheritance will be free from any gift tax in India.

It is recommended that you keep documents for all the gifts received, so that in case of any scrutiny by tax ofcials, you can present the details. Gifts by way of movable property is required to be made in stamp paper and stamped. Registration of gift deed is not required in this case. But for making a gift of immovable property, the transfer must be effected by a registered gift deed. Gift of immovable property which is not registered is not valid as per law and cannot pass any title to the receiver.

Cash Gifts above Rs 2 Lakh is subject to Penalty from 1st April, 2017, even if the gifts are from family members.

How to document the gift transactions for scrutiny by tax authorities?

Gift tax in India – Conclusion

Do you have to pay tax on money given as gift on Cash ?

The Gift Tax was introduced in India in 1958, but gift tax in India is now coming under the Income Tax Act.

So, if you are receiving more than Rs. 50,000 in a year from anybody other than your relatives, please remember there is a tax on that gift.

1.10 | WHAT IS GIFT TAX IN INDIA

Ind

ivid

ual

(Male

/Fem

ale

)G

ift

receiv

er

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DIRECT TAXATION

1.11 | TRANSFER PRICING

TRANSFER PRICING

Transfer pricing can be dened as the value which is attached to the goods or services transferred between related parties. In other words, transfer pricing is the price which is paid for goods or services transferred from one unit of an organization to its other units situated in different countries (with exceptions).

The following are some of the typical internat ional t ransact ions which are governed by the transfer pricing rules:

The key objectives behind having transfer pricing are:

Transactions subject toTransfer pricing

Purposes of Transfer Pricing

Sale of nished goods

Purchase of raw material

Purchase of xed assets

Sale or purchase of machinery etc.

Sale or purchase of Intangibles.

Reimbursement of expenses paid/received

IT Enabled services Support services Software Development services Technical Service fees Management fees Royalty fee Corporate Guarantee fees Loan received or paid

Generating separate prot for each of the divisions and enabling performance evaluation of each division separately.

Transfer prices would affect not just the reported prots of every center, but would also affect the allocation of a company's resources (Cost incurred by one centre will be considered as the resources utilized by them).

1.11

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DIRECT TAXATION

1.12 | INTEREST AND PENALTY

INTEREST AND PENALTY

Interest Rates under Income Tax:

Appeal Fees:

Description Sec. PeriodRate (permonth orpart of it)

(A) Income Tax Return

(B) Advance Tax

Delay in submission

Non-submission

Failure to pay 90% ofassessment. tax

Deferring Advance tax

From Due Date to Date of submission of return

From Due Date to Date of completion ofassessment u/s. 144/147

From 1st April of A.Y. to completion of assessment

From Due Date to Due date of next instalment

234A

234A

234B

234C

1%

1%

1%

1%

(C) TDS

(D) TCS

Failure to deduct

Failure to deposit in time

Failure to collect tax

From required date for deduction to actualdate of deduction

From actual date of deduction to actual date of deposit

From required date for collection to the actualdate of collection

201(1A)

201(1A)

206C(7)

1%

1.5%

1%

1% of assessed income orRs. 10,000 whichever is less

ParticularsCIT(A)u/s 249

ITATu/s 253

(A) Income assessed by AO :

(C) Revision Petition to CIT u/s 264 fee Rs. 500

(B) Any matter otherthan mentioned in (A)

Upto Rs. 1 Lacs

Rs. 1 Lacs - 2 Lacs

More than Rs. 2 Lacs

Rs. 500

Rs. 1500

Rs. 500

Rs. 250

Rs. 500

Rs. 250

Rs. 1000

1.12

(F) Late filing Fees

Delay in Furnishing ofReturn

1) Return le After due date but before 31st Dec.

2) Other cases 234F Rs. 5000/-

Rs. 10,000/-Note : In case Total Income does not exceed Rs. 5 Lakhs.amount of late fees not exceeding Rs. 1,000/-

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DIRECT TAXATION

1.12 | INTEREST AND PENALTY

NATURE OF DEFAULT MINIMUM PENALTY MAX. PENALTY

Failure to pay whole or any part of income tax or interest or both.

Such amount as the assessing ofcermay impose.

Tax in arrears.

Penalty for under reporting andmisreporting of income.

50% of tax payable on under reported income and 200% in case of misreporting

of income.

Noncompliance with notice u/s. 142(1), 143(2), 115WD (2), 115WE (2) or non-compliance with directions issued u/s. 142(2A) as required by

assessing ofcer.

Rs 10000* of each failure Rs 10000** foreach faliure

Case of partnership rm, if prots are not distributed as per partnership deed and thereby any partner returned his income

below the real income.

Upto 150% of the difference between tax on partner's income assessed and

tax as income returned.

150% of such difference.

Failure to keep or maintain books of account documents etc. as required under section 44AA.

Rs 25000#Rs 25000##

Failure to get accounts audited under section 44AB or furnish said report as required under

section 44AB

0.5% of total sales turnover or gross receipts

Rs 100000(Rs 150000 with effect from 01/04/2011)

Penalty for failure to collect TCS Amt. of tax which a person has failed to collect.

Taking or accepting any loan or deposit or specied sum (See note 1)in contravention of

provision of section 269SS

Amount of loan/deposit so taken or accepted.

Receiving an amount or Rs 2 lakh or more otherwise than by an account payee

cheque/draft/use of electronic clearing system through a bank account in

contravention of provision of section 269ST.

100% of the amount ofsuch receipt.

Repaying any loan or deposit or (w.e.f 01/06/2015) specied advance (See note 1) referred to in section 269Totherwise than in

accordance with the provision of section 269T.

Amount of deposit so repaid

Failure to furnish annual information return(or statement of nancial transaction or

reportable account) under section285BA(1)

NOTE 1-Specied advance or sum means any sum of money in the nature of an advance, by whatever name called, in relation to transfer of immovable property wheather or not the transfer takes place.

Failure to submit ( or furnishing incorrect statements in) quarterly TDS/TCS returns

(applicable from 01/07/2012)

Rs 100(Rs 500 with effectfrom 01/04/2018) for each day default.

Rs 10,000

Failure to furnish annual information return within period specied in notice under section

285BA(5)(Applicable from 01/04/2014)

Rs 500(Rs 1000 with effect from 01/04/2018) for each day of default commencing from the day immediately following the day on which the time specied in notice for furnishing the return expires.

Rs 1,00,000

* Rs 1000 Upto May 31 2001

**Rs 25000 Upto May 31 2001

#Rs 2000 Upto May 31 2001

## Rs 100000 Upto May 31 2001

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DIRECT TAXATION

1.5 | RESTRICTION ON CASH TRANSACTION

RESTRICTION ON CASH TRANSACTION

NATURE OF EXPENDITUREI.T.

SECTIONCEILING

LIMIT IN CASE OF VIOLATION

CAPITAL – Payment for Fixed Assets Purchase

The expenditure shall not be included in the cost of asset.

No Depreciation benet.

10000/- perday per asset43

Payment of Expenses on Specied Business

No deduction shall be allowed in respect of such

expenditure.

10000/- per day per asset35AD

Payment of Business Expenses

Payment made for plying, hiring or leasing goods carriages

Any Payment received:-(a) in aggregate from a person in a day; (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person,


expenditure.


expenditure.

Penalty u/s 271DA equal to the amount of such payment

received by a person.

10000/- per day to a person

35000/- per day to a person

2,00,000/-

40A(3)

SecondProvisoto 40A(3A)

269ST

1.13

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GST (Goods and Services Tax)

2.1 | WHAT IS GST ?

WHAT IS GST ?2.1

GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. Exports and direct tax like income tax, corporate tax and capital gain tax will not be affected by GST. GST would apply to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas. GST is dual system of taxation which is concurrently levied by central and state government. This will comprise of:

Central GST (CGST) which will be levied by Centre

State GST (SGST) Which will be levied by State

Integrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.

Only Value addition will be taxed and burden is to be borne by the nal consumer.

Eliminates cascading effect

Higher amount of threshold for registration

Simple and easy ling procedure

Unorganized sector is regulated

GST is backed by the GSTN, which is a

fully integrated tax platform to deal with all

aspects of GST

ParticularsSr.no. Limits/ criteria / specific category person

1

2

3

When turnover is more than 40 lakhs

(As per Notification.no 10/2019)

Compulsory to obtain registration when

taxable person is engaged in interstate

supplies even if turnover does not exceed

the above limits.

When turnover is more than 20 lakhs and

for special category states when turnover

is more than 10 lakhs

For Services providers they can provide

interstate services and need not required

to obtain GST registration upto limit of

20 lakhs or 10 lakhs whichever applicable.

Turnover

Type of Transaction

Mandatory Registration ForCertain Categoriesirrespective of turnover

ForGoods

ForGoods

For Service Sector

For Service Sector

Casual Taxable person (No fixed place where GST is applicable) Non-resident Taxable person (No fixed place in India) Persons who are required to pay tax under Reverse Charge Persons who are required to deduct tax at source Agents of a supplier Input Service Distributor Persons who supply goods or services through E-commerce Operator Every E-commerce Operator (e.g. Flipkart, Amazon) An aggregator who supplies services under his brand name Any Specialized Agency of the UN or any Multilateral Financial Institution Person making Interestate supply.

REQUIREMENT OF REGISTRATION UNDER GST

Benefits of GST implementation

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2.2 | PLACE OF SUPPLY OF GOODS

PLACE OF SUPPLY OF GOODS 2.2

Other than goods importedinto or exported from India

Goods importedinto or exported from India

Goods Importedinto India

Place of supply of Goods shallbe the location of the Importer

SupplyInvolves

Movementof Goods

Location ofGoodswhere

movementterminates

fordelivery

Place of suchInstallation or

Delivery

Location at whichsuch Goods are

Taken onBoard

Place of supply shallbe determined insuch manner as

may be prescribed

Location of Goodsat the time

delivery

Principal Place ofBusiness of Thirdperson on whosedirection Goodswhere supplied toAnother person

Goods are supplied by transfer of

Document duringMovement of Goods

Supply does notInvolve Movement

of Goods

Goods areAssembled

or Installed at site

Goods aresupplied on Board

a Conveyance

Place of supplyof Goods cannotbe Determined

Place of supply of Goods shallbe the location outside India

Goods ExportedFrom India

Place of Supply of Goods

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2.3 | TIME OF SUPPLY

TIME OF SUPPLY2.3T

ime o

f S

up

ply

Tim

e o

f S

up

ply

GO

OD

S (

u/s

12)

Revers

e C

harg

e(u

/s 1

2(3

))F

orw

ard

Ch

arg

e(u

/s 1

2(2

))

Su

pp

ly o

fvo

uch

ers

(u/s

12(4

))

Su

pp

ly o

fG

oo

ds

iden

tifi

able

Date

of

issu

e o

fvo

uch

er

Su

pp

ly o

fg

oo

ds

Un

iden

tifi

able

Date

of

red

em

pti

on

of

vo

uch

er

Date

of

filin

g o

fre

turn

Date

of

filin

g o

fre

turn

Date

of

paym

en

to

f ta

x

Date

of

paym

en

to

f ta

x

OR

OR

Oth

er

cases

(u/s

12(5

))

Oth

er

cases

(u/s

13(5

))

Su

pp

ly o

fvo

uch

ers

(u/s

13(4

))

Su

pp

ly o

fg

oo

ds

iden

tifi

able

Date

of

issu

e o

fvo

uch

er

Su

pp

ly o

fg

oo

ds

Un

iden

tifi

ab

le

Date

of

red

em

pti

on

of

vo

uch

er

Earl

ier

of

two

even

ts if

Invo

ice

no

t

Date

of

pro

vis

ion

of

serv

ice

Da

te o

fR

ec

eip

t o

fP

ay

me

nt

Date

of

issu

e o

fin

vo

ice

Earl

ier

of

two

even

tsw

hen

Invo

ice

issu

ed

u/s

31(2

)

Fo

rward

Ch

arg

e(u

/s 1

3(2

))

SE

RV

ICE

S (

u/s

13)

Lia

bil

ity

to

pa

y t

ax

at

the

tim

e o

f s

up

ply

Earlie

st o

f th

eF

ollo

win

g :

(a)

The d

ate

of th

e

rece

ipt of

goods;

OR

(b)

The d

ate

of

paym

ent as

ente

red in

the

BO

A o

f th

e

reci

pie

nt or

the

date

on w

hic

h

paym

ent is

debite

d in

his

bank

acc

ount,

whic

heve

r is

earlie

r; O

R(c

) T

he d

ate

im

media

tely

fo

llow

ing 3

0

days

fro

m the

date

of is

sue o

f in

voic

e.

Earlie

st o

f th

eF

ollo

win

g :

(a)

The d

ate

of

issu

e o

f in

voic

e o

r th

e la

st d

ate

to

issu

e

invo

ice u

/s

31(1

) O

R(b

) th

e d

ate

on

whic

h the

supplie

r re

ceiv

es

the

paym

ent.

Earlie

st o

f th

eF

ollo

win

g :

(a)

the d

ate

of

paym

ent as

ente

red in

th

e B

OA

of

the r

eci

pie

nt

or

the d

ate

on w

hic

h

paym

ent is

debite

d in

his

bank

acc

ount,

whic

heve

r is

earlie

r. O

R(b

) th

e d

ate

im

media

tely

fo

llow

ing 6

0

days

fro

m

the d

ate

of

issu

e o

f in

voic

e.

* R

ece

ives

an a

dva

nce

upto

Rs.

1000 in

exc

ess

of am

ount on in

voic

e,

optio

n t

o t

reat

the t

ime o

f su

pply

to b

e t

he d

ate

of

issu

e o

f in

voic

e

rela

ting to

such

exc

ess

am

oun

t.

* T

ime o

f supply

for in

tere

st, l

ate

fees

or penalty

for dela

yed p

aym

ent o

f any

consi

dera

tion s

hall

be t

he d

ate

on w

hic

h t

he s

upplie

r re

ceiv

es

such

additi

on in

valu

e. (

sec.

12

(6) &

13(6

))

Revers

eC

harg

e (

u/s

13(3

))

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2.4 | ITC (Input Tax Credit)

ITC (Input Tax Credit)2.4

Ineligible ITC/ Reversal of ITC 2.4A Ineligible ITC u/s 17(5):

For inputs & input services when used for non-businesspurpose or effecting Exempt, Nil rated or non GST supplies.

Must possess a Tax Invoice / Debit orCredit Note / Supplementary Invoiceissued by the supplier

Must have received the goods / services

Must have filed returns (GSTR 3)

Must ensure that the tax charged has beenpaid to the government by the supplier

Must have completed invoice matchingand would have arrived at the final ITCpost reversals

For capital goods when used for non-business purpose oreffecting Exempt, Nil rated or non GST supplies.

TransactionsTransactionsSr.no.

1.

2.

3.

4.

5.

REVERSAL OF ITC:CONDITIONS TO AVAIL GSTINPUT TAX CREDIT

1

TransactionsSr.no.

Motor vehicles and conveyances other than used for :[ A ] For making taxable supply of:

(a) Further supply of such motor vehicles and conveyances (Reselling)(b) Transport of passengers (c) Used for imparting training on driving, ying, navigating such vehicle or

conveyances[B] For transportation of goods

Food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery except used for providing same category of output services.

Membership in a club, health, tness center.

Rent-a-cab, health insurance and life insurance except where it is obligatory for employers to provide the same to employees or used for providing same category of output services.

Travel benets extended to employees on vacation such as leave or home travel concession.

Works contract service for construction of an immovable property except plant & machinery or for providing further supply of works contract service. (to the extent capitalized)

Construction of an immovable property except plant & machinery on own account.

Goods or services or both on which Tax has been paid under composition scheme.(to the extent capitalized)

Goods or services or both used for personal purpose.

Goods or services or both received by a non-resident taxable person except for any of the goods imported by him.

Goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples.

ITC will not be available in the case of any tax paid due to non-payment or short tax payment, excessive refund or ITC utilized or availed by the reason of fraud or willful misstatements or suppression of facts or conscation and seizure of goods.

2

3

4

5

6

7

8

9

10

11

12

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2.5 | WHAT IS GSTR‐9?

Forms covered under GSTR-9

GSTR 9 form is an annual return to be filed once in a year by the

registered taxpayers under GST.

It consists of details regarding the supplies made and received during the year under different tax heads

i.e. CGST, SGST and IGST. It consolidates the information furnished in the monthly or quarterly returns during the year.

All the registered taxable persons under GST must file GSTR 9 form. However, the following

Casual Taxable Person

Input service distributors

Non-resident taxable persons

Persons paying TDS under section 51 of GST Act.

Persons are not required to file GSTR 9Sr.no.

1.

2.

3.

4.

Taxable assessee who are filing GSTR-1,GSTR-2 and GSTR-3

By composition registered dealers

E-commerce operators who have filed GSTR-8during the financial year

Taxpayers whose annual turnover exceedsINR 2 crores during the financial year.

DescriptionForms

GSTR -9

GSTR -9 A

GSTR -9 A

GSTR -9 A

Forms covered under GSTR-9

GSTR-9 due date is on or before 31st December of the subsequent financial year. For FY 2017-18, the due date for filing GSTR 9 is 30th June 2019 as per the 31st GST council meeting held on 22nd December 2018 *.

Penalty for Non filing of GSTR 9

Important Point

Late fees for GSTR 9 after the due date is Rs 100 under CGST & 100 under SGST, the total penalty is Rs 200 per day of default up to a maximum of an amount calculated at a 0.25% of the taxpayer turnover in the state or union territory. There is no late fee on IGST.

Interest will be paid @ of 18% per annum. It will be calculated by the taxpayer on amount of outstanding tax to be paid.

Return once filed can not be revised.

WHAT IS GSTR-9?2.5

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2.6 | SAHAJ & SUGAM

SAHAJ & SUGAM2.6

1

2

3

4

PointsSr.no. SAHAJ

GST SAHAJ is a simplified one-page

GST summary return that is to be introduced

in April 2019. Taxpayers with a turnover of

up to Rs.5 crores in the last financial

year andwho are in the B2C supplies

(supplies to consumers and un-registered

persons) may opt to file this return.

Applicable to small taxpayers making only

B2C supplies in the domestic market

The recipients from these small taxpayers can

avail input tax credit based on the invoice

uploaded by the supplier

GSTR Sugam shall be filed quarterly. But the

taxpayer has to pay tax monthly.

SAME AS SAHAJ

SAME AS SAHAJ

Applicable to small taxpayers making

supplies only to consumers and other

businesses (B2C and B2B) in the

domestic market

SUGAM

BASIC OVERVIEWGST Sugam is a proposed simplified

returns form which is to be introduced

by the GST Council in April 2019.

A taxpayer with a turnover of up to

Rs. 5 crores in the financial year

will get an option to file this return.

This form will be made available to

only those small taxpayers engaged

in both B2B (Business to Business

– supplies to GST registered persons),

and B2C (Business to Consumer –

supplies to consumers and unregistered

persons under GST) supplies in India

WHO CAN FILE?

INPUT TAX CREDIT

WHEN TO FILE?

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2.7 | PRESUMPTIVE SCHEME

PRESUMPTIVE SCHEME2.7

[1] What is PRESUMPTIVE SCHEME under GST?

[1] Following are the conditions to be followed to claim benefits under presumptive scheme.

Rate of tax composition scheme vs presumptive Scheme

It is a new scheme in which a tax payer has been allowed to pay GST on a presumptive basis at the rate of 6% (3% CGST and 3% SGST/UTGST).

This new scheme has been introduced by the CBIC (Central Board of Indirect Taxes and Customs)

Consequently, it has been inferred that this 'Presumptive Scheme' is similar to the existing composition scheme but is not a composition scheme.

This scheme can be taken by eligible registered persons on or after April 1, 2019

Only in respect of Intra-State supplies of goods or services or both the benet under this scheme can be taken

1) He is not eligible to pay tax under composition scheme governed by Section 10 of the CGST Act

2) He is not engaged in the business of making any supplies on which GST is not leviable underthis Act (i.e., petro products or alcoholic liquor).

3) He is not engaged in the business of supply of ice cream and other edible ice (HSN 21050000) or pan masala (21069020) or tobacco and manufactured tobacco substitutes (HSN Chapter 24)

4) He is not making any Inter-State outward supplies.

5) He is neither a casual taxable person nor a non-resident taxable person.

6) He is not making any supply through e-commerce operator (ECO) on which TCS applies

The turnover in preceding nancial year does not exceed Rs. 50 lakhs. Thus, the supplier who wish to opt for this scheme in the Financial Year 2019-20 should not have the turnover of more than Rs. 50 lakhs during the Financial Year 2018-19. Turnover limit of Rs. 50 lakhs shall be calculated on PAN basis.

CompositionScheme

Types OfSupplies

Presumptive Scheme

Goods

Restaurant or Catering Services(other than fromserving liquor)

Goods & Services(deemed ascompositeSupply)

Goods or Servicesor both(deemedas mixed supplies)

Provided turnoverof services doesnot exceed

10% of total turnoverin preceding year or Rs. 5lakhs,whichever is higher

1% -

-

-

-

5%

1%

6%

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2.8 | PENALTY PROVISIONS

PENALTY PROVISIONS2.8

Type of Default Default ChargesNo.

(1) Late Fees on Delayed Filing of Returns

(2) Interest on Delayed Payment of Tax

(3) Penalty for certain cases

1

1

1

2

2

3

4

5

6

7

8

9

10

11

Type of returnSr.no.

Others

Excess ITC Claimed or Undisclosed Output Tax

Amount collected but not paid within 3 months of duedate of its payment to government.

Failure to collect tax or less collection of tax

Takes or utilizes ITC without actual receipt of goodsor services or both either fully or partially.

Obtains Refund of tax fraudulently

Liable to register under this tax but fails to obtainregistration or gives false information while applyingfor registration

Transports taxable goods without documentation

Fails to furnish any information or documents called bythe Officer or gives false information

Issues invoices or documents by using GSTIN of otherregistered person

Issues an invoice without supply of goods and/or services

Fails to maintain proper books of account

CGST

Rs.25/-

Rs.10/-

SGST

Rs.25/-

Rs.10/-

24% p.a.

18% p.a.

Rs. 10,000

or

an amount

equivalent to

the tax evaded

Nil Return

Tax paid after due dates

Supply of Goods or Services or both without issue of

invoice or false invoice

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2.9 | GST RETURN FILING DUE DATE

GST RETURN FILING DUE DATE2.9

(1) Regular Returns

(3) Special Returns

(2) Composition Scheme Returns

GSTR-1

GSTR-5

GSTR-6

GSTR-7

GSTR-4

GSTR-2

GSTR-9A

GSTR-3

GSTR-8

GSTR-3B

GSTR-10

GSTR-9

GSTR-11

Outward Supplies (Sales) Turnover up

to 1.5 Cr Quarterly filing

Return for Non resident foreign

taxable person

Composition Tax Payer (Quarterly)

Inward Supplies(Purchases)

(Auto Populated)

Return for authorities deducting

tax at source

Auto-Generated Return

E-commerce operators who arerequired to deduct TCS(Tax Collected at Source)

Summary return for Payment of Tax

Final Return(At the time of Cancellation)

Annual Return (Yearly)

Details of inward supplies to befurnished by a person having UIN andclaiming refund

Turnover above 1.5 Cr Monthly filing

Return for Input Service distributor

Annual Return for Composition Tax Payer

Last day of the month succeeding quarter*

20th of next month

18th of the month succeeding quarter

11th of next month**

13th of next month

31st December of next financial year

15th of next month

10th of next month

20th of next month

10th of next month

20th of next month

Within 3 months of later of cancellation

or order of cancellation

31st December of next financial year

28th of the month following the monthfor which statement is filed

Particulars Due DateForm No.

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7

COMPANY ACT

Incorporation Related Forms:

Incorporation Related Forms:

Other Important Forms (contd.)

Public &Private Companies

Form No.

DescriptionOPC

DIN Application

Reservation of Name

Application for Incorporation of Company

Nominee consent form

Form for submission of documents with the registrar

Notice of Situation or Change of Situation of Registered Office

Appointment of Directors and key managerial personnel andchanges among them

DIR-3

RUN

SPICE (INC-32)

-

GNL-2

INC-22

DIR-12

DIR-3

RUN

SPICE (INC-32)

INC-3

GNL-2

INC-22

DIR-12

No. Events Form No. Due Date

Notice of Situation or Change of situation of registered office

Application to Regional Director for approval to shift the RegisteredOffice from one state to another state or from jurisdiction of oneRegistrar to another Registrar within the same State

Notice to Registrar of any alteration of share capitalApplication for registration of creation, modification of charge(other than those related to debentures)

Particulars for satisfaction of charge thereof

Filing of Resolutions and agreements to the Registrar

1

2

3

4

5

6

INC-22

INC-23

SH-7

No. Events Form No. Due Date(From date of event)

Application for DIN

Intimation of change in particulars of Director to be given tothe Central Government

Appointment of Directors and key managerial personnel andchanges among them

Return of appointment of MD/WTD/Manager

Notice of resignation of a director to the Registrar

Application for surrender of Director Identification Number

Notice of appointment of auditor by the company

Application for removal of auditor(s) from his/their office beforeexpiry of term

Notice of Resignation by the Auditor

Form for filing annual return by a company

Form for filing Financial Statement and other documents withthe registrar

1

2

3

4

5

6

7

8

9

10

11

DIR-3

DIR-6

DIR-12

MR-1

DIR-11

DIR-5

ADT-1

ADT-2

ADT-3

MGT-7

ADT-3

Any Time

30 Days

30 Days

60 Days

30 Days

Any time

15 Days

30 Days

30 Days

60 Days

30 Days

CHG-1

CHG-4

MGT-14

15 Days(For Existing Co.)

30 Days(For New Co.)

30 Days

30 Days

30 Days

30 Days

30 Days

3.1 | COMPANY ACT

COMPANY ACT3.1

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COMPANY ACT

3.1 | COMPANY ACT

Depreciation Chart

No. Block of Assets I. Tax WDV%Companies Act

Useful life(Years)

Factory building - Non Residential

Other Building:-

(a) Building RCC frame structure

(b) Building other than RCC frame structure

Furniture & Fixture (General)

Motor Cycles, scooters, other mopeds & motor cars

Motor buses, motor lorries and taxies used in thebusiness of running them on hire

Computer and data processing units:-

(a) Servers and networks

(b) End user devices such as desktops, laptops,printers etc.

1

2

3

4

5

6

10

10

10

15

15

30

40

40

30

60

30

15

10*

6

6

6

In case of double shift depreciation will be increased by 50% and in case of triple shift depreciation will be increased by 100% for that period for the single shift asset.

For Amortisation of Intangible Assets as per Companies Act 2013, the provisions of accounting standards shall apply except in case of BOOT and BOT projects.

* The useful life of Motor Car as per Companies Act is 8 years.

Basic Process of Incorporationof a Private Limited Co.

CompanyIncorporation1

ObtainDIN

NameApproval

(RUN form)

File SpiceInc-32

File MOAand AOA

along with spice inc-32

Issue ofIncorporation

certificatealong withPAN and

TAN

2

3

4

5

Pa

ge

2

9

LLP (Limited Liability Partnership)

4.1 | LIST OF IMPORTANT FORMS OF LLP

LIST OF IMPORTANT FORMS OF LLP4.1

1

2

3

4

5

6

7

8

9

10

11

13

14

15

18

19

20

16

17

12

Purpose of the FORMSr.no. FORM NO

Details in respect of designated partners and partners of Limited Liability Partnership

Notice of appointment, cessation, change in name/ address/designation of a designated partneror partner. and consent to become a partner/designated partner

Notice of appointment, cessation, change in particulars of a partners

Notice for change of name

Statement of Account & Solvency

Annual Return of Limited Liability Partnership (LLP)

Form for intimating other address for service of documents

Notice for change of place of registered office

Application and statement for conversion of a firm into Limited Liability Partnership (LLP)

Application and Statement for conversion of a private company/ unlisted public company intolimited liability partnership (LLP)

Notice of intimation of Order of Court/ Tribunal/CLB/ Central Government to the Registrar

Application to the Registrar for striking off name

Application for reservation/ renewal of name by a Foreign Limited Liability Partnership (FLLP) orForeign Company

Form for registration of particulars by Foreign Limited Liability Partnership (FLLP)

Application for compounding of an offence under the Act

Form for filing addendum for rectification of defects or incompleteness

Form for intimating to Registrar of Firms about conversion of the firm into limited liabilitypartnership (LLP). *(To be filled in physical form and submitted to Registrar of Firms)

Return of alteration in the incorporation document or other instrument constituting or defining theconstitution; or the registered or principal office; or the partner or designated partner of limitedliability partnership incorporated or registered outside India.

Notice of (A) alteration in the certificate of incorporation or registration; (B) alteration in namesand addresses of any of the persons authorised to accept service on behalf of a foreign limitedliability partnership (FLLP) (C) alteration in the principal place of business in India of FLLP (D)cessation to have a place of business in India

Application for direction to Limited Liability Partnership (LLP) to change its name to the Registrar

Form 2A

Form 4

Form 4A

Form 5

Form 8

Form 8

Form 12

Form 15

Form 17

Form 18

Form 22

Form 24

Form 25

Form 27

Form 31

Form 32

Form 14

Form 28

Form 29

Form 23

Pa

ge

3

0

15CA/CB PROCEDURE

5.1 | 15CA/CB PROCEDURE

START

Is Paymentto a NRI

Chargeableto tax?

Yes

Yes

Yes

Yes

No

No

No

No

No informationto be submitted

Is Payment oraggregate of

payments in FY< 5,00,000 ?

Form 15CPart D

Form 15CA Part Cwith CA Certicate

in Form 15CB

Is Certicate orOrder fromAssessing

Ofcer

Form 15CAPart A

Form 15CAPart B

Whether(i) Prior approval

of RBI is notrequired(for Ind.)

(ii) Nature inspecied

list

15CA/CB PROCEDURE5.1

Pa

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3

1

COMPLIANCE CALENDER ‐ APRIL ‐ 2019

Co

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pri

l 2019

[a] Goods & Services Tax (GST) Laws

[b] The Income-tax Act, 1961

[c] The Companies Act, 2013

[d]. Other Statutory Compliance

PARTICULARS

PARTICULARS

PARTICULARS

PARTICULARS

RelevantForm

Due Date(April 2019)




Remarks

Remarks

Remarks

Remarks

Form GSTR-7 for the month of March 2019

Due date for deposit of Tax deducted by the Government ofce for the month of March, 2019

e- Form ACTIVE (Active Company Tagging Identities and Verication) - to be led by the companies incorporated on or before the 31st December 2017

Provident Fund (PF) payment and Employee State Insurance(ESIC) payment

Application for KYC of Directors for the yearending 31March 2019

PF Return and PF Annual Return ling

Furnishing statement by e-commerce companies for the month of March 2019

Issue of TDS Certificate for tax withheld during the month of February, 2019:

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of March, 2019:

Due date for deposit of Tax deducted by the taxpayer (other than Government office) for the month of March, 2019

1. U/s 194-IA (TDS on immovable property)


2. U/s 194-IB (TDS on certain rent payment(s))


Return of outward supplies of taxable goods and/or services for the Month of March 2019 (for taxpayers having turnover exceeding INR 1.5 crore)

Return for Input Service Distributor

Quarterly return for taxpayers opting for Composition Scheme

Simple GSTR return for the month of March 2019

Return of outward supplies of taxable goods and/or services for the Quarter Jan–Mar 2019 (for taxpayers having turnover less than INR 15 millions)

Due date of TRAN-2 has been extended for certain taxpayers who could not complete ling due to tech glitch

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-4

GSTR-3B

GSTR-1

TRAN-2

th10

th7

Active FormINC -22 A

15th

e-form DIR 3KYC

25th

th14

th30

th30

th11

th13

th18

th20

th30

Pa

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2

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[c]. The Companies Act, 2013


PARTICULARS

PARTICULARS

PARTICULARS

PARTICULARS

RelevantForm

Due Date(May 2019)

Due Date(May 2019)

Due Date(May 2019)

RelevantForm

Relevant FormDue Date (May 2019)

Remarks

Remarks

Remarks

Remarks

Form GSTR-7 for the month of April 2019

Due date for deposit of Tax deducted for the month of April, 2019

Annual Return- for LLP is to be submitted within 60 days of closure of the F.Y


Employee State Insurance Return Filing


Furnishing statement by e-commerce companies for the month of April 2019

Issue of TDS Certicate for tax withheld during the month of April, 2019:

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of April, 2019:





Return of outward supplies of taxable goods and/or services for the Month of April 2019 (for taxpayers having turnover exceeding INR 1.5 crore)


Simple GSTR return for the month of April 2019

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-3B

th10

th7

Form 11

th15

th11

th25

th14

th30

th15

st31

th30

th11

th13

th20

TCS Return ling due date for 4th quarter

TDS Return ling due date for 4th quarter

COMPLIANCE CALENDER ‐ MAY ‐ 2019

Pa

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PARTICULARSRelevant

FormDue Date

(June 2019) Remarks

Form GSTR-7 for the month of May 2019

Furnishing statement by e-commerce companies for the month of May 2019

Return of outward supplies of taxable goods and/or services for the Month of May 2019 (for taxpayers having turnover exceeding INR 1.5 crore)


Simple GSTR return for the month of May 2019

GST Annual Return

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-3B

GSTR9A/9B/9C

th10

th11

th13

th20

th30

COMPLIANCE CALENDER ‐ JUNE‐ 2019


PARTICULARSRelevant Form

Due Date (June 2019) Remarks




th15

th11

th25


PARTICULARSDue Date

(June 2019) Remarks

Due date for deposit of Tax deducted for the month of May, 2019

Issue of TDS Certicate for tax withheld during the month of May, 2019:

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of May, 2019:





th7

th14

th7

th15Advance Tax Payment

Pa

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4

Co

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- Ju

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019

COMPLIANCE CALENDER ‐ JULY‐ 2019


PARTICULARSRelevant

FormDue Date

(July 2019)

Form GSTR-7 for the month of June 2019

Furnishing statement by e-commerce companies for the month of June 2019

Return of outward supplies of taxable goods and/or services for the Month of June 2019 (for taxpayers having turnover exceeding INR 1.5 crore)



Simple GSTR return for the month ofJune 2019

Return of outward supplies of taxable goods and/or services for the Quarter April–June 2019 (for taxpayers having turnover less than INR 15 millions)

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-4

GSTR-3B

GSTR-1

th10

th11

th13

th18

th20

th31

Remarks


PARTICULARSDue Date

(July 2019)

Due date for deposit of Tax deducted for the month of June, 2019

Issue of TDS Certicate for tax withheld during the month of June, 2019 :

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of June, 2019:





th7

th14

th30

th15

st31

st31

TCS Return For Q-1 April 2019 To June 2019

TDS Return For Q-1 April 2019 To June 2019

Income Tax Return Filing For AY 2019-20

Remarks

[c]. Other Statutory Compliance


Due Date (July 2019)



Payment of Professional Tax and Shop & Establishments taxes

th25

th15

st31

Remarks

Pa

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3

5

Co

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ale

nd

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- A

ug

ust

2019

COMPLIANCE CALENDER ‐ AUGUST‐ 2019


PARTICULARSRelevant

FormDue Date

(Aug. 2019)

Form GSTR-7 for the month of July 2019

Furnishing statement by e-commerce companies for the month of July 2019

Return of outward supplies of taxable goods and/or services for the Month of July 2019 (for taxpayers having turnover exceeding INR 1.5 crore)


Simple GSTR return for the month of July 2019

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-3B

th10

th11

th13

th20

Remarks


PARTICULARSDue Date

(Aug 2019)

Due date for deposit of Tax deducted for the month of July, 2019

Issue of TDS Certicate for tax withheld during the month of July, 2019 :

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of July, 2019:





th7

th14

th7

Remarks


PARTICULARSDue Date

(Aug. 2019)



15th

25th

Remarks

Pa

ge

3

6

Co

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ale

nd

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- S

ep

tem

ber

2019

COMPLIANCE CALENDER ‐ SEPTEMBER‐ 2019


PARTICULARSRelevant

FormDue Date

(Sep. 2019)

Form GSTR-7 for the month of August 2019

Furnishing statement by e-commerce companies for the month of August 2019

Return of outward supplies of taxable goods and/or services for the Month of Aug. 2019 (for taxpayers having turnover exceeding INR 1.5 crore)


Simple GSTR return for the month of August 2019

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-3B

th10

th11

th13

th20

Remarks


PARTICULARSDue Date

(Sep. 2019)

Due date for deposit of Tax deducted for the month of August, 2019

Issue of TDS Certicate for tax withheld during the month of August, 2019 :

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of August, 2019:





th7

th14

th30

st30

st15

Filing Tax Audit Report and income tax return falling under tax audit

Advance tax payment

Remarks



Due Date (Sep. 2019)


Trade License

PF Return Filing th25

th15

th30

Remarks

Pa

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3

7

Co

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ale

nd

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- O

cto

ber

2019

COMPLIANCE CALENDER ‐ OCTOBER‐ 2019


PARTICULARSRelevant

FormDue Date

(Oct. 2019)

Form GSTR-7 for the month of Sept. 2019

Furnishing statement by e-commerce companies for the month of Sept. 2019

Return of outward supplies of taxable goods and/or services for the Month of Sept. 2019 (for taxpayers having turnover exceeding INR 1.5 crore)



Simple GSTR return for the month of Sept. 2019

Return of outward supplies of taxable goods and/or services for the Quarter July–Sept. 2019 (for taxpayers having turnover less than INR 15 millions)

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-4

GSTR-3B

GSTR-1

th10

th11

th13

th18

th20

th31

Remarks


PARTICULARSDue Date

(Oct. 2019)

Due date for deposit of Tax deducted for the month of Sept.2019

Issue of TDS Certificate for tax withheld during the month of Sept, 2019 :

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of Sept. 2019:





th7

th14

th30

th15

st31

st31

TCS Return For Q-2 July To September 2019

TDS Return For Q-2 July To September 2019

Income Tax Return Filing For AY 2019-20

Remarks

th30

th30


PARTICULARSDue Date

(Oct. 2019)Relevant

Form*

Statement of Account & Solvency is a ling that must be led every year by all LLPs) registered in India.

The nancial statements of a company must be led with the Ministry of Corporate Affairs every year.

FORM 8

AOC 4

Remarks



Due Date (Oct. 2019)


PF Return

th15

th25

Remarks

Pa

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3

8

Co

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ale

nd

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- N

ovem

ber

2019

COMPLIANCE CALENDER ‐ NOVEMBER‐ 2019


PARTICULARSRelevant

FormDue Date

(Nov. 2019)

Form GSTR-7 for the month of Oct. 2019

Furnishing statement by e-commerce companies for the month of Oct. 2019

Return of outward supplies of taxable goods and/or services for the Month of Oct. 2019 (for taxpayers having turnover exceeding INR 1.5 crore)


Simple GSTR return for the month of Oct. 2019

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-3B

th10

th11

th13

th20

Remarks


PARTICULARSDue Date

(Nov 2019)

Due date for deposit of Tax deducted for the month of Oct. 2019

Issue of TDS Certicate for tax withheld during the month of Oct. 2019 :

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of Oct. 2019:





th7

th14

th7

Remarks

th29


PARTICULARSDue Date

(Nov. 2019)Relevant

Form*

Every company shall prepare an annual return containing the particulars as they stood on the close of the F.Y

MGT 7

Remarks



Due Date (Nov 2019)



PF Return ling

th15

th11

th25

Remarks

Pa

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3

9

Co

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nd

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- D

ecem

ber

2019

COMPLIANCE CALENDER ‐ DECEMBER‐ 2019


PARTICULARSRelevant

FormDue Date

(Dec. 2019)

Form GSTR-7 for the month of Nov. 2019

Furnishing statement by e-commerce companies for the month of Nov. 2019

Return of outward supplies of taxable goods and/or services for the Month of Nov. 2019 (for taxpayers having turnover exceeding INR 1.5 crore)


Simple GSTR return for the month of Nov. 2019

Annual Return for FY 2018-19

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-3B

GSTR-9

th10

th11

th13

th20

th31

Remarks


PARTICULARSDue Date

(Dec. 2019)

Due date for deposit of Tax deducted for the month of Nov, 2019

Issue of TDS Certicate for tax withheld during the month of Nov. 2019 :

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of Nov. 2019:





th7

th14

th30

st15Advance tax payment

Remarks



Due Date (Dec. 2019)


PF Return ling

th15

th25

Remarks

Pa

ge

4

0

Co

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lia

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ale

nd

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- Jan

uary

2020

COMPLIANCE CALENDER ‐ JANUARY‐2020


PARTICULARSRelevant

FormDue Date

(Jan. 2020)

Form GSTR-7 for the month of Dec. 2019

Furnishing statement by e-commerce companies for the month of Dec. 2019

Return of outward supplies of taxable goods and/or services for the Month of Dec. 2019 (for taxpayers having turnover exceeding INR 1.5 crore)



Simple GSTR return for the month of Dec. 2019

Return of outward supplies of taxable goods and/or services for the Quarter Oct.–Dec. 2019 (for taxpayers having turnover less than INR 15 millions)

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-4

GSTR-3B

GSTR-1

th10

th11

th13

th18

th20

th31

Remarks


PARTICULARSDue Date

(Jan 2020)

Due date for deposit of Tax deducted for the month of Dec.2019

Issue of TDS Certicate for tax withheld during the month of Dec, 2019:

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of December, 2019:





th7

th14

th30

th31st15

TDS Return For Q-3 October To December 2019

TCS Return For Q-3 October To December 2019

Remarks



Due Date (Jan. 2020)


PF Return ling

th15

th25

Remarks

Pa

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4

1

Co

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- F

eb

ruary

2020

COMPLIANCE CALENDER ‐ FEBRUARY‐2020


PARTICULARSRelevant

FormDue Date

(Feb. 2020)

Form GSTR-7 for the month of January 2020

Furnishing statement by e-commerce companies for the month of January. 2020

Return of outward supplies of taxable goods and/or services for the Month of Jan. 2020 (for taxpayers having turnover exceeding INR 1.5 crore)


Simple GSTR return for the month ofJanuary 2020

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-3B

th10

th11

th13

th20

Remarks


PARTICULARSDue Date

(Feb. 2020)

Due date for deposit of Tax deducted for the month of January, 2020

Issue of TDS Certicate for tax withheld during the month of January, 2020

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of January, 2020:





th7

th14

th30

Remarks



Due Date (Feb. 2020)


PF Return ling

th15

th25

Remarks

Pa

ge

4

2

Co

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lia

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ale

nd

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- M

arc

h 2

020

COMPLIANCE CALENDER ‐ MARCH‐2020


PARTICULARSRelevant

FormDue Date

(March. 2020)

Form GSTR-7 for the month of Feb. 2020

Furnishing statement by e-commerce companies for the month of Feb. 2020

Return of outward supplies of taxable goods and/or services for the Month of Feb. 2020 (for taxpayers having turnover exceeding INR 1.5 crore)


Simple GSTR return for the month ofFeb. 2020

GSTR-7

GSTR-8

GSTR-1

GSTR-6

GSTR-3B

th10

th11

th13

th20

Remarks


PARTICULARSDue Date

(March 2019)

Due date for deposit of Tax deducted for the month of Feb. 2020

Issue of TDS Certicate for tax withheld during the month of Feb 2020 :

Due date for furnishing of challan-cum-statement in respect of tax withheld, in the month of Feb. 2020:





th7

th14

th30

st15Advance tax payment

Remarks



Due Date (March 2020)


PF Return ling

th15

th25

Remarks

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